Disney is moving ahead with a program that gives longtime employees in certain roles the option to accept an early retirement package ahead of expected restructuring.

The entertainment giant outlined the voluntary early retirement offer, or VERO, for tenured executives who meet the eligibility criteria in an internal email from Disney Chief People Officer Sonia Coleman, which was reviewed by FOX Business. The early retirement program was first reported by Deadline.

Coleman said the voluntary early retirement packages are time-limited and are one of several steps Disney is taking to restructure the organization. Those measures include involuntary staff reductions that are already underway in some parts of the company and are expected to continue into next year, underscoring that the offer is part of a broader cost-cutting effort rather than a standalone benefit.

Disney’s memo said the eligibility criteria for executives and stated that those who qualify will receive separate, personalized communications from the company. Those communications will spell out the details of the offer, the election process, important dates and other resources available as employees consider their decision.

To qualify for the voluntary early retirement package, employees must be based in the U.S. and work in roles ranging from director to executive vice president in Disney Entertainment, ESPN and the corporate divisions. They also must have 65 points, calculated based on age plus years of service, with a minimum age of 50 and at least 10 years of service.

Disney’s offer includes separation pay, continued vesting of equity awards, healthcare support at active employee rates and continued Silver Pass access.

Eligible executives will receive a defined election window, followed by a confirmation period, giving them time to decide whether accepting the VERO is the right choice for them. Participation is voluntary, and eligible executives are not required to opt into the early retirement plan.

The company said the purpose of the voluntary retirement program is to give eligible employees a chance to make a decision on their own terms before Disney finalizes broader organizational decisions.

Once the voluntary early retirement offer closes, Disney said it will continue addressing organizational needs through its standard reduction-in-force process on a separate timeline, meaning the restructuring will proceed in phases rather than through a single companywide action.

Earlier this month, Disney CEO Josh D’Amaro and CFO Hugh Johnston said in a letter to shareholders that they "remain highly focused on reducing costs across the enterprise to create incremental capacity for growth and are evaluating a variety of levers, including reductions in labor and SG&A." They added that they were "mid-stream in this work" and would provide future updates.